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M
Michelle Rayner
August 2, 2022
Question

Snap Receipts for Business Expenses Paid with Personal Card

  • August 2, 2022
  • 1 reply
  • 0 views

Hi there, 

 

I have Quickbooks Online and my Business Partner accidentally occasionally uses his personal card to pay for business expenses, but still uploads the receipts via Snap Receipts (on the app), but I obviously can't match them to our business bank account. 

 

I review them in receipts and use 'Owner's Equity' as the bank/credit account and allocate them to the correct expense account (i.e Travel Expenses) but then when I get to 'create expense' it says:

 

Something's not quite right

You need to select a different type of account for this transaction.
 
I assume because I am using an equity account instead of a credit/bank account? 

 

I have in the past, downloaded the receipt, created a journal entry and then uploaded the receipt to that instead, however this is quite time consuming if there are a few transactions. Is there an easier/quicker way to do it straight from the review receipts section? 

 

Thanks, Michelle 

1 reply

L
LollyNino_C
August 2, 2022

Thanks for joining us here in the Community, @Michelle Rayner. I'm here to share some insights to manage your receipts in QuickBooks Online (QBO). 

 

In QuickBooks, there isn't a direct matching option for the snap receipts in the review receipt area. You cannot use a different account aside from your bank. Having said that, you must record them in your journal entries as usual and later match the transactions. 

 

To record the business expense you paid with personal funds, follow the steps below. 

 

  1. Go to + New.
  2. Selecting the Journal Entry.
  3. Click the expense account for the purchase on the first line.
  4. In the Debits column, enter the purchase amount.
  5. Choose Partner's equity or Owner's equity on the second line.
  6. In the Credits column, enter the same purchase amount.
  7. Select Save and close.

 

I also suggest consulting an accountant to make sure the recording is accurate. You can as well ask for further guidance regarding the categorization of the accounts.

 

You can visit this article about managing expenses in QuickBooks Online for your future reference: Manage expenses.

 

Keep me posted if you need a hand with tracking receipts in QBO. I'll be here to help. Take care always.

M
Michelle RaynerAuthor
August 2, 2022

Hi there,

 

Yes I understand how to do a journal entry that way. I am asking if there is a way to do it direct through Snap receipts, as I outlined in my query.

 

Thanks, Michelle 

DivinaMercy_N
DivinaMercy_N
August 2, 2022

Hello there, Michelle. Thanks for getting back here. I'm here to provide additional information about managing your receipt in QuickBooks Online (QBO).

 

In QBO, the option to directly match the snap receipts in the review receipt section is unavailable. That said, you’ll have to record them as journal entries and match the transactions later just like you usually do. Then, for reference in recording business expenses made with personal funds, feel free to check this article: Pay for business expenses with personal funds.

 

I've also added this helpful link that you can access in managing your receipts in QBO: Upload your receipts and bills to QuickBooks Online.

 

Please let me know how this goes. If you have any other concerns about tracking receipts in QBO, don't hesitate to leave a comment below. I'm just a post away to lend a hand. Have a great week ahead and take care. 

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